Super reveals its 16 millionaires

NAMBAWAN Super Limited has confirmed that 16 of its members have balances of more than K1 million each while 52 others had close to that amount.
Fund chairman Anthony Smare, pictured, said it was the result of the members’ contributions and the interest credit rates of the fund.
Smare said this during the fund’s employer conference on Friday in Port Moresby.
Smare is encouraging members to make voluntary contributions to build up their account balances. He said the management of the fund was confident it would grow above this year’s profit of K406 million.
Smare said growth would depend on the fund’s investment plan.
He said the fund decided in 2012 to invest overseas to spread its base to help it sustain itself even if Papua New Guinea’s economy wasn’t doing well.
The fund has shares in 40 different overseas companies including Facebook and Microsoft.
Smare said the Papua LNG project would provide investment opportunities which the fund was prepared to take advantage of.
Investment officer Sermomo Tungapik said the fund would continue to ensure members had returns at rates higher than the cost of living.
The fund aims to provide credit to members at plus 2 per cent above the Consumer Price Index which is a measure of the cost of living.